Essential

Super
Product Disclosure
Statement (PDS)

THORISATION
AU I
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DE
PE

NT
MYSU

MySuper
IFIER

56
60 09
19 2 5 4 3 5 9

Issue 5/2022, dated 19 November 2022

Avanteos Investments Limited ABN 20 096 259 979 AFSL 245531 (the Trustee,
AIL or ‘we’ or ‘us’ or ‘our’) is the trustee of Commonwealth Essential Super
ABN 56 601 925 435 (the fund) and issuer of interests in Essential Super, which
is a product of the fund. The trustee is also the issuer of the PDS and is responsible
for the fund. Essential Super (USI FSF1332AU) is offered from the fund by AIL.
While information in this PDS is correct at the date of issue, it may change between
the time you read this PDS and the day when you acquire the product. Visit
commbank.com.au/essentialinfo or call us to check you have the current version.

Essential Super is distributed by Commonwealth Bank of Australia.

Contents Colonial First State Investments Limited
ABN 98 002 348 352 AFSL 232468 (CFSIL) is
1 About Essential Super 2 the responsible entity of the underlying managed
investment schemes into which the Essential
2 How super works 3 Super product invests. CFSIL also administers
direct debit arrangements for AIL.
3 Benefits of investing with Essential Super 3
Colonial First State (CFS) refers to
4 Risks of super 4 Superannuation and Investments HoldCo Pty
Limited ABN 64 644 660 882 (HoldCo) and its
5 How we invest your money 5 subsidiaries which include AIL and CFSIL. CFS is
majority owned by an affiliate of Kohlberg Kravis
6 Fees and costs 8 Roberts & Co. L.P. (KKR), with the Commonwealth
7 How super is taxed 11 Bank of Australia ABN 48 123 123 124
AFSL 234945 (the Bank) holding a significant
8 Insurance in your super 13 minority interest in HoldCo. The Bank provides
distribution and administrative services to the
9 How to open an account 15 trustee.
The information in this PDS is general information
Trustee contact details only. It does not take your personal objectives,
financial or taxation situation or other needs into
Avanteos Investments Limited account. If you need advice on your personal
GPO Box 3912 circumstances, please talk to a financial adviser.
Sydney NSW 2001 This PDS is designed for individuals who want to
Telephone: 13 4074 set up a super account, and for employers who
Email: [email protected] want to open a super account for their employees.
In this document, ‘you’ refers to a member of
Essential reading Essential Super who has opened a personal
account or had an account opened by their
This PDS summarises important information employer. The offer made in this PDS is available
about Essential Super. It includes references to only to persons receiving the PDS within Australia.
other important documents which form part of It does not constitute an offer in any other
the PDS. You should consider all of these country or jurisdiction including the European
documents before making an investment decision. Union.
You can get copies free of charge by going to the Taxation considerations are general and based
website commbank.com.au/essentialinfo or on present taxation laws, rulings and their
calling us on 13 4074. interpretation as at the date of issue of this PDS.
Where a change to this information is not You should seek professional tax advice on your
materially adverse, the information may be situation before making any decision based on
updated and can be found any time this information. AIL is also not a registered tax
at commbank.com.au/essentialinfo. A paper copy (financial) adviser under the Tax Agent Services
of any updated information is available free of Act 2009, and you should seek tax advice from
charge on request by contacting us on 13 4074. a registered tax agent or a registered tax
Where a change is material, the trustee will notify (financial) adviser if you intend to rely on this
you in writing within the timeframes provided for information to satisfy the liabilities or obligation
in the relevant legislation. or claim entitlements that arise, or could arise,
under a taxation law.

1
 Essential Super takes the complexity out of super
Take note by offering a MySuper product (the Lifestage
This PDS also includes references to the investment option) as well as a range of single
and multi asset investment options. It also offers
following documents which contain automatic approval for Death and Total and
statements and information incorporated by Permanent Disablement (TPD) cover, where you
reference and which are taken to be included meet the cover conditions outlined in section 8
in the PDS: on page 13.
Member Reference Guide
Fees and Investments Reference Guide Take note
Insurance Reference Guide. If a member of a super fund has not made an
A reference to 'the PDS' includes a reference investment decision, any contributions made
to all of these documents. You can download to their super must be invested in a MySuper
a copy of these documents at product. A MySuper product must meet
commbank.com.au/essentialinfo certain requirements set by the Government
regarding fees, insurance and other matters.
The Target Market Determinations (TMD) for our
financial products can be found at The product dashboard for the MySuper product
www.cfs.com.au/tmd and include a description sets out the following information:
of who the financial product is appropriate for.
return targets
Neither the Bank, CFS, nor any of their returns
comparisons between return targets
respective subsidiaries guarantee the
and returns
performance of Essential Super or the
the level of investment risk that applies
repayment of capital by Essential Super. An
a statement of fees and other costs.
investment in this product is subject to a risk
of loss of income and capital invested. An Product dashboards, information regarding
investment in Essential Super is through a trustee and executive remuneration, and other
documents we are required to provide under the
superannuation trust and is therefore not an
Superannuation Industry (Supervision) Regulations
investment in, deposit with or other liability of 1994, will be made available online (such as trust
the Bank, CFS, nor any of their respective deed, annual report etc).
subsidiaries.
You can find all of this information
at commbank.com.au/essentialinfo
Who can be a member of the fund?
1 About Essential Super To be a member of Essential Super, you must be:
If you are looking for a straightforward, at least 16 years old1
competitively priced super fund or you are an
currently living in Australia
employer wanting to meet your Superannuation
Guarantee (SG) obligations by setting up a an Australian citizen, permanent resident
MySuper account on behalf of your employees, or a relevant visa holder.
then Essential Super may be right for you.

1 The trustee may exercise its discretion to allow a person from 14 years of age to join the fund
through the Essential Super employer arrangement.
2
2 How super works Earnings within the fund are also taxed up to a
maximum of 15%. And once you turn 60, there’s
Want to know more about how super helps you generally no tax on the super benefits you
save for retirement? Here are the essentials. withdraw. There can also be some tax advantages
What is super? in contributing to your spouse’s super, depending
on your circumstances.
Super is a means of saving for retirement which
is, in part, compulsory. It is a long term To limit the tax concessions, the Government has
investment. If you’re an employee, your employer put limits, or caps, on how much you can
puts part of your salary into your super account. contribute, for each contribution type. Once you
These payments are called SG contributions, and exceed these limits, the tax advantages fall away,
they’re likely to be a key part of your retirement and your contributions may be taxed at rates of
savings plan. You can also add extra and because up to 47% including Medicare levy. Remember,
super earnings are taxed at a low tax rate, it can tax can be complex and often unique to your own
help you save more over time. situation.
Most people can choose their own super fund
into which their employer can pay their SG Find out more
contributions or simply choose the one their You should read the important information
employer suggests. Because super is for about super before making a decision. Go to
retirement, you generally can’t take money out the 'How super is taxed' section in the Member
until you finish working, although there are a few
very limited exceptions. But in the meantime, Reference Guide at commbank.com.au/
there’s lots you can do to help your super grow. essentialinfo for more information. The
material relating to super may change between
Putting money into super the time you read this PDS and the day when
If you want to try to build your super faster, there you acquire the product.
are a few different ways you can put money into
your account:
compulsory employer contributions such as 3 Benefits of investing with Essential
Super Guarantee or contributions under an
industrial agreement Super
voluntary employer contributions such as salary Essential Super keeps it simple, with competitive
sacrifice fees, investment options to suit your needs and
personal contributions the flexibility to take your super from job to job.
spouse contributions. Best of all, you can keep track of your super
anytime, through NetBank and the CommBank
Different types of contributions have different App.
rules, limits and tax rates.
Super where you can see it
Go to the Member Reference Guide for more
information. Essential Super sits right next to your bank
account in NetBank and the CommBank app, so
Some tax advantages of super you can view it anywhere and anytime to keep
To encourage people to invest in super, the track of your super.
Federal Government has given it favourable tax If you have NetBank, most communications will
treatment, making it one of the most be sent to you electronically and you can access
tax-effective ways to save for retirement. them in NetBank. If you don’t have NetBank, the
For example, when your employer contributes on Bank may provide you with access so you can
your behalf, instead of paying your usual marginal review and transact on your Essential Super
tax rate on that money – up to 47% including account online.
Medicare levy – you’ll generally pay just 15%.

3
Take your super from job to job Nominating someone to receive your super
You wouldn’t change your bank account every benefits
time you move jobs, so why would you change You only need to complete what is known as a
your super? With Essential Super, your super can Non-lapsing Death Benefit Nomination form to
move with you throughout your career. nominate who you’d like to receive your super and
Starting a new job can be stressful. We’ll make any insurance benefits if you die.
the process easy for you by giving you a You can change or remove your nomination at
pre-completed form – all you have to do is print any time by completing a new form.
it off, sign it and give it to your employer or payroll
officer. Go to the Member Reference Guide for
information on non-lapsing death benefit
Searching for your super is now even easier nominations and who you can nominate. You can
You can search for any unclaimed super by find our Non-lapsing Death Benefit Nomination
contacting the ATO or finding it through your form at commbank.com.au/essentialinfo.
myGov account at my.gov.au
Find out more
Refer to the 'Using your account' section in the
Member Reference Guide for things you need to You should read the important information
know before you rollover super from another fund. about transacting on your account before
Benefit from our competitive fees making a decision. Go to the Member
Reference Guide at commbank.com.au/
Super is your money, so you don’t want it being
eaten away by excessive fees. essentialinfo for more information. The
material relating to transacting on your
There is no establishment fee. See section 6 'Fees account may change between the time you
and Costs' for more information. Buy/sell spreads
read this PDS and the day when you acquire
apply to all options, except the Cash Deposit
option. Refer to the 'Buy/sell spreads' section in the product.
the Fees and Investments Reference Guide for
more information.
Investment options to suit your needs 4 Risks of super
With Essential Super, you can simply leave it to All investments carry risk. Investment markets have
us with our Lifestage option (our MySuper their ups and downs, and your super performance
product) or, after opening your account, choose also depends on the options you choose. So it’s
your own investment mix. important to understand the risks before you
See ‘How we invest your money’ on page 5 for invest.
more information about your investment options. What are the risks?
Insurance for peace of mind No matter which investments you choose, you
When you open an Essential Super account, you need to understand that:
may be automatically provided with Death and The value of your investment options will go up
Total and Permanent Disablement (TPD) and down over time
insurance (subject to meeting certain conditions). Returns are not guaranteed – and you may lose
Your insurance cover will be adjusted throughout money
your lifetime, increasing or decreasing at different Previous returns don’t predict future
times of your life. performance
Of course, you can also change or cancel your Laws affecting super may change
level of insurance cover at any time in NetBank Your super savings may not be enough for your
or by calling us on 13 4074. retirement.
See section 8, ‘Insurance in your super’ on page
13 for more information.

4
Investment risks Your investment choices
Other risks associated with investing in Essential When we open an account for you, we’ll
Super will vary, depending on your investment automatically invest your money in the MySuper
strategy. Lifestage investment option based on your age.
You can then choose (or change) your investment
Some investments and assets are riskier than
options in NetBank, the CommBank App, or by
others. Generally, assets with the highest
calling us on 13 4074 at any time after opening
long-term returns may also carry the highest level
your account.
of short-term risk. Here’s a summary of the main
risks that may apply to your investments: Your options are as follows:
Risk type Description Default Description
General risks Market risk Leave it to us With each Lifestage option, we
Security and investment-specific (MySuper select investments we think are
risk Lifestage appropriate for the life stage of
Management risk investment people of a similar age, and adjust
Liquidity risk option) them over time.
Counterparty risk
Legal, regulatory and foreign
investment risk Choice Description
Environmental, social and Choose your If you don’t think the Lifestage
governance (ESG) and climate own options option is right for you, after
risk opening your account, you can
Investment- These are risks that apply to choose from these investment
specific risks specific investment options, such options:
as currency risk or credit risk.
Diversified Index
But it’s not just about the investment options you Balanced Index
choose. Risk is also influenced by your age, how High Growth Index
long you have until retirement, and what other Thrive+ Sustainable Growth
investments, if any, you have. It also depends on Australian Shares Index
how comfortable you are with the possibility of
Global Shares Index
losing some of your investment in some years.
Global Property Securities Index
Cash Deposit.
Find out more
You should read the important information
Take note
about risks before making a decision. Go to
the 'Risks of super' section in the Fees and Before choosing an investment option, think
Investments Reference Guide at about the likely investment return of each
commbank.com.au/essentialinfo for more option, the risks involved, and your investment
information. The material relating to risks may timeframe.
change between the time you read this PDS
and the day when you acquire the product.
About the Lifestage option
As you move through your life, investment needs
change, along with your financial situation and
5 How we invest your money attitude to risk. Our Lifestage option recognises
this, with the investment mix changing as you get
With Essential Super, you can be as 'hands on' as
older.
you want to be. Leave it to us, or choose from a
range of investment options.

5
For each life stage, we’ll select an investment mix Sam’s investments will gradually move to a lower
that we believe best reflects the investment needs risk investment strategy as Sam moves closer to
for that stage. Over time, we’ll adjust the retirement. This change will happen automatically,
investments to take into account changing so Sam won’t need to move from one option to
investment needs. another.
For example, younger people usually have more
time to withstand market ups and downs, so can Find out more
generally take more short-term risk for potentially You should read the important information
higher long-term gains. So their investment mix
will include more growth assets, like property about the investment options before making
securities and shares. an investment decision. Go to the Fees and
Investments Reference Guide at
For people nearing retirement who want to commbank.com.au/essentialinfo for more
protect their wealth, investments that carry less
risk may be more appropriate. So for this life information. The material relating to
stage, we will include more defensive assets, such investments may change between the time
as fixed interest and cash. However, this does not you read this PDS and the day when you
take your personal objectives, financial situation acquire the product.
or needs into account. You should make sure that
the option is right for you.
Investment return objective of the Lifestage
What are the life stages?
option
We have 13 different Lifestage options, based
on the year in which you were born as outlined in The investment return objective of the Lifestage
the table below. If there is no Lifestage option option is to achieve a return of Consumer Price
for the year of your birth, we will use the Lifestage Index (CPI), plus a certain percentage, over a
option closest to your date of birth. rolling period of time, depending on your
Lifestage option. Refer to the Fees and
Example: Investments Reference Guide for each
Sam was born in 1986. Sam will be invested in investment option profile.
the Lifestage 1985-89 option.

Strategic Asset allocation (%) 1

Lifestage option (MySuper product) 1945-49 1950-54 1955-59 1960-64 1965-69
Cash and Defensive Alternatives2 9 9 9 8.5 3.0
Fixed Interest 37 37 37 35.5 14.5
Property, Infrastructure and Multi-Asset 13 13 13 12.0 14.5
Australian Shares 16 16 16 17.5 28.0
Global Shares 25 25 25 26.5 40.0
Minimum suggested investment timeframe
At least At least At least At least At least
3 years 3 years 3 years 5 years 6 years
Risk3
Current risk band 345 DIU
345 DIU
345 DIU
345 DIU
345 DIU
ME M ME M ME M ME M ME M
67
67

67

67

12

67
12

12

12

12
HIGH

HIGH

HIGH

HIGH
HIGH
LOW

LOW

LOW

LOW
LOW

6
Strategic Asset allocation (%) 1
Lifestage option (MySuper product) 1970-74 1975-79 1980-84 1985-89 1990-94
Cash and Defensive Alternatives2 1.5 1.0 1.0 1 1
Fixed Interest 8.0 3.5 2.0 1 1
Property, Infrastructure and Multi-Asset 17.0 17.0 17.0 17 17
Australian Shares 31.0 33.0 33.5 34 34
Global Shares 42.5 45.5 46.5 47 47
Minimum suggested investment timeframe
At least At least At least At least At least
7 years 7 years 7 years 7 years 7 years
Risk3
Current risk band 345 DIU
345 DIU
345 DIU
345 DIU
345 DIU
ME M ME M ME M ME M ME M
67

67

67

67

67
12

12

12

12

12
HIGH

HIGH

HIGH

HIGH

HIGH
LOW

LOW

LOW

LOW

LOW
Strategic Asset allocation (%) 1
Lifestage option (MySuper product) 1995-99 2000-04 2005-09
Cash and Defensive Alternatives2 1 1 1
Fixed Interest 1 1 1
Property, Infrastructure and Multi-Asset 17 17 17
Australian Shares 34 34 34
Global Shares 47 47 47
Minimum suggested investment timeframe
At least 7 At least 7 At least 7
years years years
Risk3
Current risk band 345 DIU
345 DIU
345 DIU
ME M ME M ME M
67

67

67
12

12

12
HIGH

HIGH

HIGH
LOW

LOW

LOW

1 As we actively manage the asset allocation, the asset allocation of an individual Lifestage option
may vary over time. The current strategic asset allocation is set out within the Investment Fact
Sheets at commbank.com.au/essentialinfo.
2 The current asset allocation is set out within the Investment Fact Sheets at commbank.com.au/
essentialinfo.
3 The risk band for the Lifestage 1960-64 to 2005-09 options is designed to reduce over time.
Refer to the Fees and Investments Reference Guide for more information on the Standard Risk
Measure and risk measure categories.

7
6 Fees and costs Investments Commission (ASIC) MoneySmart
website (www.moneysmart.gov.au) has a
Did you know superannuation calculator to help you check
Small differences in both investment out different fee options.
performance and fees and costs can have a
substantial impact on your long-term returns. This section shows fees and other costs that you
For example, total annual fees and costs of may be charged. These fees and other costs may
be deducted from your money, from the returns
2% of your account balance rather than 1%
on your investment or from the assets of the
could reduce your final return by up to 20% superannuation entity as a whole.
over a 30-year period (for example reduce it
from $100,000 to $80,000). You should Other fees, such as activity fees, advice fees for
consider whether features such as superior personal advice and insurance fees, may also be
charged, but these will depend on the nature of
investment performance or the provision of the activity, advice or insurance chosen by you.
better member services justify higher fees and Entry fees and exit fees cannot be charged.
costs. You, or your employer, as applicable,
may be able to negotiate to pay lower Taxes, insurance fees and other costs relating to
insurance are set out in sections 7 and 8 of this
fees.*Ask the fund or your financial adviser. document.
You should read all the information about fees
*Please note: Although we are required by law to and other costs because it is important to
include this wording, the fees are not subject to understand their impact on your investment.
negotiation.
The fees and costs for each MySuper product
offered by the superannuation entity are set out
To find out more in the following table. The fees and costs for each
If you would like to find out more, or see the of the other investment options are set out in
impact of the fees based on your own the Fees and Investments Reference Guide
circumstances, the Australian Securities and available at commbank.com.au/essentialinfo

Fees and costs summary

Type of fee or
Amount How and when paid
cost1
Ongoing annual fees and costs2,3
Administration Lifestage option 0.04% p.a. The percentage-based administration
fees and costs3 fees and costs are reflected in the
All other options 0.04%–0.50% p.a. daily unit price and are deducted from
the assets of the Lifestage option on
Plus (for all options) a monthly basis. The dollar-based
$60 p.a. ($5 per month) administration fees and costs are
deducted from your account balance
each month by redeeming units in the
Lifestage option.
Please note: A lower amount will be
deducted from your account as we
give you the benefit of the tax
deduction.

8
Type of fee or
Amount How and when paid
cost1
We may also, at any time, choose to
temporarily waive our administration
fees. If this occurs, we'll notify you
within three months of when the fee
waiver takes effect and provide details
of the change at commbank.com.au/
essentialinfo
Refer to the 'Fees and costs' section
in the Fees and Investments
Reference Guide for further details
on administration fees and costs.
Investment fees Lifestage option The investment fees and costs
and costs3 0.57%–0.58% p.a. are reflected in the daily unit price and
is generally deducted from the assets
All other options of the Lifestage option on a monthly
0.00%–0.69% p.a. basis.
Refer to the 'Fees and costs' section
in the Fees and Investments
Reference Guide for further details
on transaction costs.
Performance fee Thrive+ Sustainable Growth Performance fees are reflected in the
Estimated to be 0.14% p.a. daily unit price and are paid monthly
at the relevant rate (inclusive of the
net effect of GST and any related GST
credits).
Transaction costs3 Lifestage option These costs are deducted from the
Estimated to be 0.03%–0.06% p.a. underlying assets of the option and
are reflected in the daily unit price for
All other options that option. Depending on the costs,
Estimated to be 0.00%–0.04% p.a. they may be deducted daily, monthly
or at some other time.
Refer to the 'Fees and costs' section
in the Fees and Investments
Reference Guide for further details
on transaction costs.
Member activity related fees and costs
Buy/sell spread Lifestage option This fee is payable each time you add
0.10% per transaction to, withdraw from or switch to/from
the Lifestage option.
All other options Refer to the 'Fees and costs' section
Nil–0.10% per transaction in the Fees and Investments
Reference Guide for further details
on buy/sell spreads.
Switching fee4 Nil N/A

9
Type of fee or
Amount How and when paid
cost1
Other fees and costs Insurance fees: Deducted monthly in advance from
If you have insurance cover refer to the your account.
Insurance Reference Guide for the Please note: Insurance fees will apply
insurance premiums and insurance to all insurance cover (automatically
administration fee. approved cover or cover you select).
1 Refer to the Fees and Investments Reference Guide, available at commbank.com.au/essentialinfo
for definitions.
2 The fees and costs are estimates based on the costs incurred in the previous financial year.
3 If your account balance for a product offered by the superannuation entity is less than $6,000 at
the end of the entity’s income year, certain fees and costs charged to you in relation to administration
and investment are capped at 3% of the account balance. Any amount charged in excess of that
cap must be refunded.
4 Even though switching fees are not charged, buy/sell spreads apply to all options, except the Cash
Deposit option. Refer to the Fees and Investments Reference Guide for more information.

All figures disclosed include the net effect of GST and any related GST credits. All fees are shown
before any allowance for tax payable. The tax deduction claimed by the fund on fees payable in the
fund is passed on to you in the form of a reduced fee. You can use the information in the table above
to compare costs between different superannuation products.

Example of annual fees and costs for superannuation products

This table gives an example of how the ongoing annual fees and costs for the MySuper product
(Lifestage 1965-69 option) for this superannuation product can affect your superannuation
investment over a one-year period.
You should use this table to compare this superannuation product with other superannuation products.

Example – Lifestage 1965-69 option Balance of $50,000

Administration fees and 0.04% p.a. For every $50,000 you have in the superannuation
costs plus $60 p.a. product, you will be charged or have deducted from
($5 per month) your investment $20 in administration fees and
costs, plus $60 regardless of your balance
PLUS Investment fees and 0.58% p.a. And, you will be charged or have deducted from
costs you investment $290 in investment fees and costs
PLUS Transaction costs 0.05% p.a. And, you will be charged or have deducted from
your investment $25 in transaction costs
EQUALS Cost of product If your balance was $50,000 at the beginning of
the year, then for that year you will be charged fees
and costs of $395 for the superannuation product.
Additional fees may apply. And, if you leave the superannuation entity, you may be charged a buy/sell
spread which also applies whenever you make a contribution, exit, rollover or investment switch. The
buy/sell spread for the Lifestage option is 0.10% (for example, this will equal $50 for every $50,000).
Please note: Insurance costs will also apply. Refer to the Insurance Reference Guide for more details.

10
Changes to fees 7 How super is taxed
The fees shown here are current at the date of Tax laws can be complex, and everyone’s situation
issue of this PDS. However, they can change at is different. If in doubt you should speak to a tax
any time, without your consent. If we put fees up, specialist.
we’ll give you at least 30 days prior written notice,
so you’ll know what’s going on. This excludes the Your super may be taxed at three different stages:
Cash Deposit administration fees and costs which
when you make a contribution to the fund
may vary, within the range set out in the Fees and
Investments Reference Guide, without prior while it’s in the fund – earnings from your
notice. The cost components of fees which are investments will be taxed
estimates are also excluded, as the actual costs when you withdraw money from the fund.
charged may be more or less than estimated. The trustee will deduct any applicable tax and
Transaction costs pay it to the ATO on your behalf.
The fund also pays transaction costs whenever Tax on super contributions
we buy or sell investments. These costs may Depending on the type of contribution, different
include brokerage, government tax rules apply. There are also contribution limits
taxes/duties/levies, bank charges, custodian (known as contributions caps) that apply
charges on transactions and the buy/sell spread depending on the type of contribution you make.
of any underlying funds. To offset these costs, These tax rules and contributions caps are
buy/sell spreads apply whenever you transact on explained in more detail in the Member Reference
your account, for example, when you or your Guide.
employer make a contribution, or you switch
investment options, or withdraw any of your super If your contributions exceed the concessional
funds. This charge ensures that it's the members
or non-concessional caps, your contributions
who are transacting who pay the costs of buying
and selling assets – not all members in that over the cap may be taxed at rates of up to
option. Transaction costs are shown net of 47% including the Medicare levy.
amounts recovered by the buy/sell spread
charged and is an additional cost where it has not
Tax on investment earnings
already been recovered by the buy/sell spread
charged. The buy/sell spreads that apply to each Any money your investments earn in the fund is
option are outlined in the Fees and Investments taxed up to a maximum rate of 15%. The actual
Reference Guide. rate may vary, depending on the type of earnings,
the level of tax deductions and tax credits
Find out more available to the fund. This can mean you’ll pay
less than 15%.
You should read the important information
Tax on super benefits
about fees and costs before making a decision.
Go to the Fees and Investments Reference When you’re able to withdraw your super, the
Guide at commbank.com.au/essentialinfo for amount of tax you’ll pay will depend on the type
of super benefit, your age, and whether you
more information. The material relating to fees
receive your benefit as a lump sum or as a
and costs may change between the time you pension. It will also depend on the tax
read this PDS and the day when you acquire components that make up your super benefit.
the product. These are explained in more detail in the Member
Reference Guide.
In most cases, if you are over 60 when you
withdraw your super, you won’t have to pay any
tax on it (except for some death benefit
payments). If you access your super before age
60, you may have to pay tax on some or all of your
benefit.

11
Depending on your circumstances, there may be How do we use your TFN to search for your
tax advantages in rolling your super into a other super accounts?
pension, rather than taking it as a lump sum.
With your consent, when we search for your other
super accounts, you are consenting to us acting
Take note on your behalf and using your TFN to search the
Your Tax File Number (TFN) ATO’s SuperMatch program for super amounts
held on your behalf by the ATO or by other super
You should provide us with your TFN when funds (and seeking more information from those
you join Essential Super. If you don't provide funds about the accounts found). Your consent
us with your TFN, we are required under law will be held on file and if at any time you wish to
to only accept certain types of contributions withdraw your consent, please contact us on 13
and additional tax may apply. 4074.
We will let you know the results of all searches.
Then, you can decide if you would like us to
Why can we ask for it? consolidate your super accounts with us. If you
Under super law (Superannuation Industry need advice on super consolidation, please talk
(Supervision) Act 1993), we can collect, use and to a financial adviser.
disclose your TFN. When will we be checking and updating your
How will we use it? TFN?
If you give us your TFN, you are giving us consent Under current legislation, we are required to
to use it for legal purposes. This includes check whether you have supplied us with a valid
TFN whenever we roll over or transfer your
disclosing your TFN to another super fund, account balance. We may do this more often, to
when your benefits are being transferred, ensure that we have the most current and valid
unless you request us in writing not to disclose data for you. Where you don't provide us with a
your TFN to any other super provider; and valid TFN, we may update our records with a TFN
where applicable and unless you opt out, provided by the ATO.
searching for your other super accounts (see
below). In such an event we will not inform you of this
update. If we receive a TFN from the ATO, you
If you provide your TFN, it will be treated will be taken to have provided your TFN.
confidentially.
If you don't provide your TFN and you roll over
What are the advantages of providing it? your balance from another fund to Essential
You don’t have to give us your TFN – it’s not Super, the trustee of the other fund may provide
required by law. But giving us your TFN has the your TFN. If so, we will update our records
following advantages: accordingly.

we will be able to accept all permitted types of Find out more

contributions to your account(s);
other than the tax that may ordinarily apply, You should read the important information
you will not pay more tax than you need to - about taxation before making a decision. Go
this affects both contributions to your super to the Member Reference Guide at
and benefit payments when you start drawing commbank.com.au/essentialinfo for more
down your super benefits; and information. The material relating to taxation
it will make it much easier to find different may change between the time you read this
super accounts in your name so that you receive
PDS and the day when you acquire the
all your super benefits when you retire.
product.
Please note: The legal purposes may change in
the future following legislative change, and the
advantages of providing your TFN may also
change.

12
8 Insurance in your super Before you cancel any existing cover, you should
compare the terms and read this PDS and the
Death and Total and Permanent Disablement Insurance Reference Guide to decide whether
(TPD) cover is available in Essential Super. cover under Essential Super is right for you.
Insurance cover in Essential Super is provided
by AIA Australia Limited ABN 79 004 837 861 Take note
AFSL 230043 (AIA Australia, the ‘Insurer’). AIA
Australia is part of the AIA Group. The insurance Unless you cancel your insurance cover,
cover is provided under policies issued to the premiums will be deducted from your account.
trustee.
Cover Description How much cover will you get?
Death A benefit is paid in the event of your The amount and type of cover you’ll receive
cover death or terminal illness. depends on your age. We'll automatically adjust
this amount throughout your life. The cover you
TPD A benefit is paid if you become totally
may receive on joining Essential Super is shown
cover and permanently disabled. in the following table, as 'your default cover'.

Take note Death and TPD cover

If you have more than one account in Essential Your
Your If you If you
Super, you will only be paid an insurance age
default choose to choose to
benefit on one account. Also, once you’ve been next
cover halve double
paid a benefit, all other cover will end and you’ll birthday
never again be paid a benefit under the policy. 15–201 $50,000 $25,000 $100,000
Go to the Insurance Reference Guide at
1
commbank.com.au/essentialinfo or more 21–25 $75,000 $37,500 $150,000
information. 26–30 $150,000 $75,000 $300,000
31–40 $200,000 $100,000 $400,000

How it works 41–45 $150,000 $75,000 $300,000

When you open an account (or your employer 46–50 $100,000 $50,000 $200,000
opens one up for you), you may automatically be 51–55 $80,000 $40,000 $160,000
provided with Death and TPD cover; this is known
as default cover. 56–60 $60,000 $30,000 $120,000
To be eligible you must be an Australian resident, 61–65 $40,000 $20,000 $80,000
living in Australia and less than 60 years of age.
66–70 $25,000 $12,500 $50,000
Cover for eligible members will only automatically
start once you reach age 25 and have an account
1 Default cover is available on an opt-in basis
balance of $6,000. subject to eligibility - see the Insurance
Reference Guide for further information.
If you are under the age of 25 or have a balance
of less than $6,000, we will issue you a notice to
give you the opportunity to get cover. You can When you are younger, your cover provided will
instruct us in writing within 120 days of receiving be lower, as you’re less likely to have high financial
this notice that you want cover. If you have other commitments or debt. In the years when you’re
insurance cover with another fund, and no longer more likely to be raising a family and paying a
want that cover, don’t cancel it until we have mortgage, your cover will increase.
confirmed that your cover has started. The terms
Then as you get older and move out of this stage,
and level of insurance cover with Essential Super
your cover will reduce. For example, when you are
will differ from any existing cover you may
turning 26 next birthday, your default cover will
currently have.

13
be $150,000, and when you are turning 31 next in the Lifestage investment option – if there are
birthday, your default cover will automatically no funds or not enough funds here, we’ll choose
increase to $200,000. the next most conservative (least risky) option
available. If you don’t have enough in your account
Take note to cover your insurance premiums, your cover may
lapse. You have 90 days from the last premium
You can halve or cancel your default cover, at due date to pay the premiums. After that, your
any time after your cover has commenced, in cover will lapse. You can check your insurance
NetBank or by calling us on 13 4074. You can costs at any time in NetBank, on the insurance
also double your default cover, subject to the page of your Essential Super account.
insurer's acceptance.You should read the Making a claim
important information about insurance in the
If you or a beneficiary needs to claim on your
Insurance Reference Guide before making a cover, you’ll need to tell us what’s happened as
decision. soon as possible. Please call us on 13 4074 for
details.
What’s not covered
Changing or cancelling your insurance cover In the first two years that you hold insurance
You can cancel this cover at any time in NetBank cover, you’ll have cover for new events only. This
or by calling us on 13 4074 after your cover has means you'll only be covered for an illness or injury
commenced. that you first became aware of, on or after the
day your cover commenced, and is not related to
You can choose to halve or double your default
an illness or injury that occurred before your cover
cover, or downgrade your insurance to only cover
commenced.
you in case of death. If you cancel your insurance,
you can still apply later. After two years, your cover will convert to full
cover, as long as you're capable of working for 30
You can only apply for new or increased cover if
consecutive days immediately prior to, or any time
you are under the age of 60. You'll have to answer
after, the 2 year period ending.
questions about your lifestyle and health and be
approved by the insurer. Additionally, a claim resulting from suicide or
self-inflicted injury that has occurred within 12
How much does insurance cover cost? months of your cover commencing or increasing
While insurance through super is generally will not be paid. Additional exclusions also apply.
cost-effective, it is an additional expense to you. Please read the 'Exclusions' section in the
The amount you’ll pay for your cover depends on: Insurance Reference Guide for further
information on what's not covered.
the type of cover you have
the amount of cover
your age
Find out more
whether you’re male or female. You should read the important information
And once your cover is in place, your insurance about insurance, including the ability to cancel
premiums won’t increase because of any change this cover, the conditions and exclusions before
in your health – although they will generally making a decision. These matters may affect
increase each year with age. The costs range from your entitlement to insurance cover. For more
an annual premium of $24 to $1,689 for Death details refer to the Insurance Reference Guide
and TPD cover. Go to the 'Insurance premiums' at commbank.com.au/essentialinfo. The
section in the Insurance Reference Guide at material relating to insurance may change
commbank.com.au/essentialinfo for the
between the time you read this PDS and the
insurance premium rates that will apply to you.
day when you acquire the product.
Paying insurance premiums
The cost of your insurance – called a premium –
is deducted from your super account, monthly in
advance. To pay your premiums, we’ll sell units

14
9 How to open an account Respecting your privacy
Your super is important, so make sure you’re fully The privacy of your personal information is
informed before you decide. And if you have any important to us. Information about how your
questions, remember we’re here to help. personal information is dealt with is set out in the
Member Reference Guide. You should read this
Before you apply information before you apply as you will be taken
Before you decide to apply for Essential Super, to agree to the collection, use and disclosure of
you should read all parts of the PDS and the your personal information when you apply to
Reference Guides. You can get copies of these make an investment.
documents, free of charge, at commbank.com.au/ What to do if you have a complaint
essentialinfo or by emailing
[email protected] or by calling To lodge a complaint, you can contact us by:
13 4074. You need to consider the information Phone: 13 4074
in the Application Form. You can get access to
this information when you apply online via Email: [email protected]
NetBank or CommBank app. You should also Mail: Complaints Resolutions
consider whether this product is appropriate for Reply Paid 27
you. Sydney NSW 2001
By completing the application, you agree to the
content of the PDS that’s available at the date For full details on how we deal with complaints,
you become a member of Essential Super. After and your ability to access external dispute
that, we’ll notify you of changes to the PDS in resolution through the Australian Financial
accordance with our legal obligations. The trustee Complaints Authority, please refer to the Member
of Essential Super is not bound to accept an Reference Guide.
application.
Is there a cooling-off period?
If you have set up the account yourself, you have
a 14-day cooling-off period. If you decide that
Essential Super is not right for you, any
contributions you’ve made, or other transferred
super, will be transferred to another super fund
of your choice. If your employer has set up the
account, you cannot use the cooling-off period
yourself.
If you are an employer and have set up an
Essential Super account for your employees, you
have a 14-day cooling-off period from the date
of the first application. If you, as an employer,
decide to exercise the cooling-off period, we will
transfer the employer contributions made to
another fund nominated by you.
The 14 days start when your welcome letter is
received by you or five days after the units are
issued, whichever occurs first. The amount
returned may be less than your original
contribution due to market movements, tax and
administration and transaction costs.

28808/FS5341/0223 CLN1909 211122